The intelligent virtual assistant market is set to increase at a CAGR of 33% during the forecast period; Notes TMR


ALBANY, New York, February 11, 2022 /PRNewswire/ — The use of speech recognition tools has steadily increased in several network applications, particularly in financial services, retail and healthcare. Text-to-speech (TTS) software vendors have reaped significant revenue gains from the demand for intelligent virtual assistants for wireless devices and consumer electronics to read text content on websites. The intelligent virtual assistant market is expected to reach $50.9 billion until 2030.

In recent years, especially in the South Asian Association for Regional Cooperation (SAARC), speech recognition software has been widely used by the elderly and those with limited mobility. According to an in-depth TMR study, voice-enabled devices have gained popularity among customers worldwide for shopping, thus offering significant sales opportunities for companies in the intelligent virtual assistant market.

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Businesses are using AI (artificial intelligence) based digital assistants to automate and simplify various office tasks, including data entry processes. Businesses are seeing new profitable ways to use them to automate the scheduling and recording of meetings. Widespread demand for TTS software in automotive systems and mobile devices is fueling revenue growth, finds the study of the global intelligent virtual assistant market.

Key Findings of the Smart Virtual Assistants Market Study

  • Massive demand for speech recognition software in retail and financial services to drive profitable opportunities: Technology companies are reaping revenue gains from growing demand for text-to-speech (TTS) software and speech recognition systems in the financial services industry. Financial service providers are increasingly using virtual assistants for websites and apps to meet customers’ transaction needs. The focus on a customer-centric approach to retail has led retail companies to use intelligent virtual assistants to enhance the shopping experience through virtual shopping baskets.
  • Using TTS technology in network applications to open lucrative streams: Online text-to-speech tools are gaining traction for a range of network applications, find the analysts studying lucrative avenues for companies in the intelligent virtual assistant market. Remarkably, intelligent virtual assistants are widely used for reading e-mail messages and text content of synthetic voice websites. Software vendors offering AI virtual assistants are constantly leaning towards expanding databases of voice recordings to generate revenue in the near future, the authors of the intelligent virtual assistant market observe.
  • Enterprises use Big Data and ML to fulfill niche applications: Demand for AI-powered virtual assistants with improved speech accuracy will create new revenue streams, according to the study of intelligent virtual assistants market. Technology companies are striving to integrate new customer-friendly features to broaden the scope of their offerings. Some leading players are keen to use AI to innovate in high quality TTS to capture additional opportunities.

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Smart Virtual Assistants Market: Key Drivers

  • An increasing number of IoT-connected devices and AI-powered consumer electronics are expanding the use cases of intelligent virtual assistants.
  • The increasing use of speech recognition technology improves customer interactions. A significant percentage of unstructured data resides in digital devices in medical, government, and consumer products and services. This enriches the prospects of the intelligent virtual assistant market.
  • Demand for virtual content assistants for providers of latest information services has expanded lucrative prospects.

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Smart Virtual Assistants Market: Regional Growth Dynamics

  • opportunities in Asia Pacific and Europe are expected to increase sharply in the coming years. The increasing use of speech-to-text conversion software in multiple network applications is expected to open up numerous profitable opportunities for the regional markets.
  • North America is expected to be a lucrative market, underpinned by the widespread adoption of virtual assistant and smart wireless device technologies. The region had a large share of the global intelligent virtual assistant market in 2019. The advent of cloud-based service providers has opened up numerous opportunities for technology companies to develop intelligent virtual assistants.

Smart Virtual Assistants Market: Major Players

Some of the major players in the smart virtual assistant market are

  • baidu
  • Artificial Solutions Ltd.
  • apple inc
  • Anboto group
  • Amazon Web Services

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Global Smart Virtual Assistants Market: Segmentation

Smart Virtual Assistants Market by Technology

  • text to speech
  • voice recognition

Smart Virtual Assistants Market by Application

  • Web pages
  • contact centers
  • messenger bots

Smart Virtual Assistants Market by End User

  • Large companies
  • Small medium company
  • Individual Users

Smart Virtual Assistants Market by Region

  • North America
  • Europe
  • Asia Pacific
  • middle East & Africa
  • South America

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